Around 70% Indian Companies may implement AI technology by 2020
As businesses’ hunger for the adoption of Artificial Intelligence (AI) grows up, 68.6 % Indian organisations might deploy it before 2020 the report said. The Intel India commissioned record, undertaken by the International Data Corporation (IDC) that surveyed 194 Indian organisations across industries, said 71 % are considering increased process automation as an integral benefit that could drive spike spends upon this technology by 2020.
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The record also said that practically 75 % of the organizations surveyed foresee benefits running a business process efficiency and worker productivity by using AI. While 64 % of the respondents assume that this technology can enable them in earnings enhancement through better targeting of offers and much better sales operations, while 76% of the firms are or believe they’ll face a scarcity of skilled workers to harness the energy of AI.
“This research is a tiny step towards comprehending this knowledge, and allowing companies, such as ours, condition strategy and proceed in the right route,” Prakash Mallya, Sales and Marketing Group, Intel India, said in a statement.
Intel currently powers 97 % of data centre machines running AI workloads worldwide and has been buying the introduction of the ecosystem in India.
“Indian corporations have been quick to look at AI recently, with practically one in five organisations (22.2 %) over the four verticals surveyed utilizing the technology for some reason. This amount is expected to soar noticeably by middle-2019 with practically seven in 10 organizations (68.6 %) expected to deploy (it),” the business said.
Retail and BFSI organisations are leveraging AI to increase efficiency in their sales and marketing function, which includes emerging as the next most popular use circumstance.
Changing customer experience to boost their loyalty rates on top of the set of benefits for retail and bank organisations with banking companies leading the technology journey so as for the change of customer experience.
Financial services organisations (63.9 %) are usually more focused on increasing regulatory conformity and fraud lowering from AI execution, while retail and motor vehicle organisations are considering enhancing consistency in the manner decisions are created.
However, concerns about the adoption of AI continue with the high cost of alternatives, acute lack of skilled experts, unclear profits on return, and cybersecurity rising as the main element hindrances. Regulatory conformity and insufficient quality data have emerged as other important issues.
“As roadblocks in adoption and execution of AI and worries around AI subside, we can get a new set of opportunities that India can gain from – which range from higher business efficiency and earnings augmentation to better data insights and better customer experience,” Prakash added.
He said that mutually these trends will propel progression of the bigger Artificial Intelligence ecosystem and its own applications inside our lives.
Source- The News Minute